Please stop what you are doing right now and learn how you can save up to $700 on your next homeowners insurance policy. Many Florida residents in search of ways to save money on their homeowner’s insurance can consider wind mitigation discounts, which can save up to 40% of their premiums. State law contains a provision that allows insurers to give discounts to Florida house insurance policy holders that take extra measures to protect the house from damage during a windstorm or hurricane. Qualifying for a discount requires the installation of things like impact resistant windows and doors, storm shutters and reinforced garage doors.
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An inspection by a state-licensed contractor is also required to verify that the upgrades have been done and that they meet the program’s requirements. Inspectors can be a Florida licensed general, residential or building contractor, a licensed building inspector, registered architect or engineer, or a State of Florida building code official.
Since this mitigation program allows policyholders to save such a significant amount in premiums, insurers are now questioning the value of this program, and whether or not it creates an incentive for fraud.
Citizens Property Insurance is particularly concerned, stating that they have around 400,000 policyholders that have claimed the mitigation credits. There are about $700 million in lost premium due to wind mitigation credits. This concern has caused the insurer to initiate an “emergency plan” to inspect homes for cases of fraud related to the wind mitigation program.
The program has value in reducing losses through financial incentive to property owners in this historically hurricane stricken state. By making upgrades to homes that will make the building more resistant to wind damage, it follows that fewer claims will be submitted after a wind event, or that the severity of the claims should be reduced. However, critics argue that it is too easy for people to take advantage of this system and to commit unchecked fraud. Unscrupulous inspectors, shoddy upgrades, or deliberate misrepresentations on applications are all ways in which fraud can be perpetrated under the program.
Other critics, mainly insurance companies, argue that the reduction in premiums caused by these credits have ironically forced insurers to increase their rates. Citizens Property Insurance had maintained a rate freeze for three years until recently, when a 10 percent rate increase was approved. The insurer currently stands accused of not having the assets available to cover a catastrophic wind event, a situation that is common among other insurers within the state.
Each insurer can inspect homes and complete mitigation forms for reporting to the Florida Office of Insurance Regulation. When fraud is detected, insurers are to report it to Florida’s division of insurance fraud at the Department of Financial Services.
Citizens Property Insurance has plans underway to inspect approximately 500 homes for potential fraud. After examining the results of these inspections, the insurer will determine whether additional investigation is required of other homes that have qualified for mitigation credits.
Citizens Property Insurance is the largest Florida homeowners insurance insurer and is run by the state to provide policies to property owners who are unable to obtain homeowner’s insurance coverage from private companies. The company has a million homeowner’s insurance policies.
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